Home Highlights May 2014 Year 2014 This

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1. Power of Tribunal to recall its earlier order and hear the appeal afresh - power to review or power of rectification – Tribunal committed no error in exercising power...

2. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

3. Rectification of mistake u/s 154 - the power u/s 154 is not a power to review an order and the power can be invoked to rectify a mistake, which is apparent from the...

4. Levy of tax on state police - Security Agency Services - providing security to banks, individuals, security for cricket matches, IPL, World Cup, Mumbai Port Trust,...

5. Classification of supply - Composite Supply or independent of supply of power packs - the supply of power packs and the supply of freight and insurance services involved...

6. Rectification of mistake - The scope and ambit of the power which could be exercised u/s 254(2) is circumscribed and restricted within the ambit of the power vested by...

7. Power to review versus Power to rectify - cancellation of GST registration - the appellate authority erroneously exercised its power under Section 161 of the Act. The...

8. Rectification applications - Power of ITAT - Tribunal could not have undertaken such incisive and detailed examination of facts and law to come to the conclusion which...

9. Capital gain vs Business income - The income from share transactions has been rightly assessed as business income, however, Security Transaction tax (STT) has to be...

10. TP Adjustment - payment of royalty - comparison in order to determine if the ALP cannot be done by comparing the prices charged to by A.E. which is controlled...

11. Rectification u/s 154 - Determination of turnover - charging of tax rate at 30% on the total income of the appellant - Assessee’s claim cannot be considered to be an...

12. Levy of Service Tax - security agency service or not - Home Guards department - scope of the term ‘person’ - Since State cannot be a person, it cannot be a “security...

13. Rectification u/s 154 - refund of taxes paid in foreign country - The High court noted that the Hon'ble Apex Court had expressly overruled the AAR order in a previous...

14. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

15. Treatment of Losses as Speculative Losses - adjustment of loss under arbitrage transactions - The loss of one segment has to be allowed to be set-off against the other...